7 ms·
>draconian austerity measures like those of the last few years, which caused a 25% drop in GDP and a rise of the debt/GDP ratio from 105% to 175% Easy there. T
by korisnik 11y ago
>draconian austerity measures like those of the last few years, which caused a 25% drop in GDP and a rise of the debt/GDP ratio from 105% to 175%
Easy there. The austerity measures and the troika only came into play in 2010. After Greek government called EC-ECB-IMF because it could not solve its own crisis.
By 2010 (prior to Troika-imposed austerity), as a result of the Global Recession, Greece had already lost about 15% of its GDP and its debt had risen to about ~150% of its GDP.
It is extremely disingenuous to say that austerity caused a 25% drop in GDP or that it caused the debt/GDP ratio to go from 105% to 175%.
- Al-Khwarizmi 11y agoTrue that the troika only came into play in 2010, but the Greek governments of Karamanlis and Papandreou had been applying austerity packages themselves (although admittedly rather milder than the troika's) since the start of the recession.